Search results

SPACs are reshaping the world of digital entrepreneurial finance. Firms in the digital sector often need access to public markets for long-term competitiveness. SPACs offer a viable solution for these entities to collect capital and transition to public ownership quicker than IPOs. In this context, the paper aims to analyse and compare the performance of SPACs with those of IPOs in the post-business combination phase. The objective is to provide novel insights into the determinants of SPAC operating and market performance by considering firm-specific and deal-specific characteristics and the broader implications of market uncertainty.

The analysis applies univariate and multivariate OLS regressions to a sample of 96 SPACs to investigate the drivers affecting SPACs' performance vis-a-vis IPOs.

The study finds that SPACs underperform the matched group of IPOs on both operating and stock market performance (buy-and-hold strategy). The time to execute a business combination negatively correlates with SPAC performance, and proximity to the 80% deal threshold negatively affects share price performance and EBITDA margin.

The objective is to offer insights for institutional investors to effectively select prime targets within the SPAC framework.

This study strengthens the findings related to the drivers influencing the long-term performance of SPACs that were previously identified in prior research.

This chapter provides information on the development of Vietnamese education under the influence of global forces based on the analysis of relevant education research and policies using Wolhuter’s frameworks. In the process of coming up with ways to develop education in the face of different influences of globalization, besides having reactions with patterns commonly found in countries around the world, Vietnam also has responses that reflect its own political, sociocultural and economic characteristics. The state still plays a controlling role in education at all levels and many culture-related features that have existed throughout the country’s history have hardly changed, namely aspects related to teachers, learners and teaching and learning methods. To sustain its education in the globalized era, Vietnam must make more efforts in various aspects such as the link between education and employment, the logic of education objectives, the feasibility and appropriateness of curricula, quality of education, especially of higher education and equality in education for underprivileged groups.

A review of the existing literature on disasters, impact, local vulnerability, and adaptation indicates to the fact that recent increasing frequency of natural disasters (e.g., floods, storms, and drought) have increasingly caused impacts on a diverse set of physical and biological systems, especially for those living in the developing countries where their livelihood strategies rely on natural resources (McCarthy, Canziani, Leary, Dokken, & White, 2001; Selvaraju, Subbiah, Baas, & Juergens, 2006; Kumar, 2007; Cruz et al., 2007).

This paper aims to propose a dynamic stochastic general equilibrium (DSGE) model for the State Bank of Vietnam (SBV) to assess the response from the household sector to monetary policy shocks through the consumption function. Moreover, the transmission from monetary policy to household consumption and income distribution is experimented with through the vector autoregression (VAR) model.

In this study, the authors used the maximum likelihood estimation to estimate the DSGE and VAR models with the sample from 1996Q1 to the end of 2021Q4 (104 observations).

The DSGE model’s results show that the response of the household sector is as expected in the theory: a monetary policy shock occurs that increases the policy interest rate by 0.29%, leading to a decrease in consumer spending of about 0.041%, the shock fades after one year. Estimates from the VAR model give similar results: a monetary policy shock narrows income inequality after about 2–3 quarters and this process tends to slow down in the long run.

Based on the research results, the authors propose policy implications for the SBV to achieve the goal of price stability, and stabilizing the macro-economic environment in Vietnam.

The findings of the study have theoretical contributions and empirical scientific evidence showing the effectiveness of the implementation of the SBV’s monetary policy in the context of macro-instability, namely: flexibility, caution and coordination of different measures promptly.

The purpose of this paper is to find out the distribution of benefits, costs, and value added among the actors and problems in the practical management in dairy milk value chain, especially in one of the most important dairy areas in Vietnam to see how they upgrade in the value chain.

A survey was carried out in Bavi, Hanoi where a large amount of fresh milk is produced annually. The content of the survey was built before conducting in Bavi with 160 questionnaires. The questionnaires were based on the criteria which reflect the main objectives of the paper such as the actor’s profits and costs, the relationship among these actors, and the advantages and disadvantages in the dairy milk’s value chain. Some part of results of the paper was evaluated by conducting interviews with the relevant target groups in the value chain of dairy milk. Data collected were aggregated and analyzed by SPSS20, Excel. The calculation of cost and profit margin of each actor in the chain was also be presented by a quantitative tool for value chain analysis.

This study pointed out the systemized problems in the value chain of one of the biggest dairy companies in Vietnam. This study revealed some wicked problems in the value chains of Vietnam under globalization.

This study could not cover all of the detailed actors in the dairy value chain.

The value of income in the chain is distributed unequally. The benefits that farmers receive are inadequate with the costs they have to pay. This is a particular chain, in which the main factors boosting the chain are factories, and an increase in revenue also reflects the benefits of them. The result is that the value added in the chain is also biased toward the dairy plant. The paper also pointed out the shortcomings in the cost calculation of farmers. All the expenses, such as wages and the opportunity cost, are calculated in the total cost of the dairy plant, whereas dairy farmers do not mention these costs. Thus, in terms of benefits, farmers suffer more disadvantages, thus they should be received more value. In terms of management, Bavi’s authorities could not manage the output of milk in the perfect way. The lax management has led to a series of counterfeit goods that appear on the market today. These low-quality products are sold right on the highway and the Bavi’s tourist destination.

The purpose of this paper is to investigate the effect of monetary loosening on corporate investment in an emerging market.

The paper begins this study by using a dynamic model to investigate the effect of monetary loosening on corporate investment. This paper uses money supply growth as a proxy for monetary loosening, as the State Bank of Vietnam relies mainly on a quantity-based policy. Next, this paper continues to analyze whether cash holdings are able to mitigate this effect. Finally, this paper examines the effect of monetary loosening on investment smoothing and the mitigating role of cash holding. The research sample includes 4,868 from 617 firms. This paper uses different regression techniques (i.e. pooled ordinary least squares clustered by firm, fixed effects, random effects and system generalized method of moments).

The research findings show that money supply growth is positively related to both corporate investment and investment smoothing. The effect of monetary loosening on corporate investment is mitigated by corporate cash holding. Moreover, this paper finds that the mitigating effect of cash holdings is stronger for financially constrained firms and non-state-owned enterprises.

Prior studies only focus on corporate investment under-tightening monetary policy; however, there is no research on firm investment under monetary loosening in an emerging market.